A customer at an Asia Commercial Joint Stock Bank (ACB) branch (Photo: VNA) According to the latest survey on the sentiment of banks for the fourth quarterof 2022 released by the State Bank of Vietnam (SBV) recently, 88.3% of banksexpected profitability in 2022, which reflects the strong recovery of theeconomy.
The survey also revealed that 70.4-75.9% of banks expected improved businessperformance in the fourth quarter and the whole year.
Previously, many banks also announced impressive growth after nine months of2022.
Asia Commercial Joint Stock Bank (ACB) was the latest bank to announce that itcompleted more than 90% of the annual plan with consolidated pre-tax profit of 13.5trillion VND, an increase of more than 50% over the same period last year.
With this profit, ACB is currently ranked third in terms of profit among banksthat have so far announced business results in the first nine months of 2022,just behind Vietnam Technological and Commercial Joint Stock Commercial Bank(Techcombank) and Joint Stock Commercial Bank Vietnam Prosperity (VPBank) withpre-tax profit of 20.8 trillion VND and 19.8 trillion VND, respectively.
Vietnam International Commercial Joint Stock Bank (VIB) also reported positivebusiness performance in the first nine months of 2022 with a total revenue ofmore than 13.3 trillion VND, up by 29% year-on-year (yoy), and a non-interestincome of more than 2.4 trillion VND, contributing 17% to the bank’s totaloperating income. Thanks to the good control of operating costs, VIB gainedmore than 7.8 trillion VND of pre-tax profit in the period, up by 46% yoy, andits return on equity ratio (ROE) was 30%, among the market leaders.
Nguyen Duc Thach Diem, general director of Saigon Thuong Tin Commercial JointStock Bank (Sacombank), said when the SBV has implemented monetary tighteningpolicies, Sacombank has applied measures to ensure safe, effective and stableactivities. As a result, Sacombank’s pre-tax profit in the first nine months of2022 reached 4.44 trillion VND, completing 84.1% of the yearly plan, and itsmobilisation and lending scale both grew positively.
The total bad debts and outstanding assets recovered and handled by Sacombankwere more than 14.7 trillion VND, helping the bank significantly reducefinancial pressure. Therefore, Sacombank’s accumulated net interest income inthe first three quarters of 2022 increased by 17.3%. The bank’s service incomealso grew by 82.3% from the segment of insurance distribution, while theforeign exchange trading also rose by 44.6% year-on-year. Thanks to that, thenon-credit income recorded a contribution of nearly 40% of Sacombank’s totalincome.
The preliminary business results of many other commercial banks in the firstnine months of 2022 also showed positive numbers such as Tien Phong CommercialJoint Stock Bank (TPBank) with a pre-tax profit of 5.92 trillion VND, up nearly35% year-on-year; Saigon-Hanoi Commercial Joint Stock Bank (SHB) with 9.03trillion VND, up 79%; and Southeast Asia Commercial Joint Stock Bank (SeABank)with 4.01 trillion VND, up 58.7%./.
VNA
